The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

Coinbase CEO Brian Armstrong. Photo by Bloomberg.

Coinbase May Have the Best Shot of Weathering the Crypto Winter

By Akash Pasricha · Jan 10, 2023 5:40pm PST

By crypto standards, today was like any other day—both newsy and noisy. Let’s see, Coinbase laid off 20% of its staff, and the Winklevoss twins escalated their public battle with crypto conglomerate Digital Currency Group with an open letter demanding the removal of its chief, Barry Silbert. Meanwhile, a former Coinbase manager's brother was... By crypto standards, today was like any other day—both newsy and noisy. Let’s see, Coinbase laid...

Photo by Bloomberg

Why Netflix’s Streaming Edge Won’t Erode

By Martin Peers · Jan 9, 2023 5:00pm PST

It’s the quiet before the earnings storm, which makes it a good time to take a step back and consider the situation of Netflix, the first big tech name to report December quarter numbers, on Jan. 19. Its stock has nearly doubled since it bottomed out at around $167 in June, although even at current levels of around $315 it is still down 47% from... It’s the quiet before the earnings storm, which makes it a good time to take a step back and...

Photo via Bloomberg.

Amazon’s Cuts Were Inevitable After Years of Excessive Spending

By Martin Peers · Jan 5, 2023 5:00pm PST · 2 comments

It’s a bleak moment for the retail sector. Today brought word that home goods chain Bed Bath & Beyond has “substantial doubt” about its “ability to continue as a going concern,” given how much money it has been losing. Another retailer, Everlane, is cutting 17% of its corporate staff, we scooped today. Meanwhile, Amazon on Wednesday said it... It’s a bleak moment for the retail sector. Today brought word that home goods chain Bed Bath...

Helen Dixon, data protection commissioner of the Irish Data Protection Commission for the Briefing. Photo via Bloomberg.

Meta’s Targeted Ads Are Dealt Yet Another Regulatory Blow

By Martin Peers · Jan 4, 2023 5:01pm PST

Helen Dixon, data protection commissioner of the Irish Data Protection Commission for the Briefing. Photo via Bloomberg.

Meta’s Targeted Ads Are Dealt Yet Another Regulatory Blow

By Martin Peers · Jan 4, 2023 5:01pm PST

When it comes to the fines European regulators are imposing on big tech companies, it’s easy to lose track. Take today’s decision by the Irish Data Protection Commission, imposing fines totaling more than $400 million against Meta Platforms for breaching European rules with targeted advertising. This is on top of several other cases against Meta... When it comes to the fines European regulators are imposing on big tech companies, it’s easy to...

Photo via Bloomberg

Five Things to Watch in Tech in 2023

By Jessica E. Lessin · Jan 3, 2023 5:04pm PST · 2 comments

Welcome to 2023 and a very happy new year. I’ve been covering technology for almost two decades, and I can’t think of a year that’s been more consequential than the current one. Everywhere you look, the guard is changing, and there’s no clear idea what’s next. So for my first Briefing of the year, I wanted to lay out some of the big themes... Welcome to 2023 and a very happy new year. I’ve been covering technology for almost two decades,...

Oracle CEO Safra Catz. Photo: Bloomberg

Tech’s Best and Worst of 2022

By Amir Efrati · Dec 29, 2022 5:28pm PST

If last year was euphoric for the business world, this year was humbling—but not for everyone. We felt it was a fitting time to call out some leaders and companies who deserve praise as well as those who deserve shame.Best big tech CEO: Safra Catz. In a year in which most major technology stocks dropped at least 20%, if not 70%, Oracle shares... If last year was euphoric for the business world, this year was humbling—but not for everyone. We...

Amazon founder Jeff Bezos at a Kansas City Chiefs game in September. Photo by Getty Images

Bezos Could Be the Real Winner from Amazon’s Sports Deals

By Nick Wingfield · Dec 28, 2022 5:14pm PST

Last week, Martin Peers questioned in this space whether tech companies were making a wise move when they began showering billions of dollars on sports leagues for streaming rights to their games. But even if those deals turn out to be duds for the likes of Amazon, Alphabet’s YouTube and others, tech billionaires may have found another way to... Last week, Martin Peers questioned in this space whether tech companies were making a wise move...

A TSMC chip factory in Taiwan. Photo via TSMC

A Chip Party to Lift Apple’s Spirits

By Nick Wingfield · Dec 27, 2022 5:00pm PST

A TSMC chip factory in Taiwan. Photo via TSMC

A Chip Party to Lift Apple’s Spirits

By Nick Wingfield · Dec 27, 2022 5:00pm PST

There’s going to be a party in Taiwan on Thursday—and not a moment too soon for Apple’s sake. Taiwan Semiconductor Manufacturing Co., the chipmaking wizard, is having an event to celebrate the start of mass production of chips using a cutting-edge technique called the 3-nanometer process. Using the new technique, TSMC will be able to jam more... There’s going to be a party in Taiwan on Thursday—and not a moment too soon for Apple’s sake....

Barry McCarthy and Reed Hastings. Photos by Bloomberg.

Netflix’s Fitness Move May Trip Up Peloton

By Martin Peers · Dec 22, 2022 5:00pm PST

Netflix chief Reed Hastings shouldn’t expect a holiday card from Barry McCarthy this year. The video-streaming giant likely spoiled the Peloton CEO’s Christmas this year with its announcement on Wednesday that it plans to start streaming fitness content from Nike on Dec. 30. Nike doesn’t offer everything that’s on Peloton—particularly when it... Netflix chief Reed Hastings shouldn’t expect a holiday card from Barry McCarthy this year. The...

Photo by Getty Images

YouTube’s Expected NFL Deal Puts Spotlight on Tech’s Streaming Adventures

By Martin Peers · Dec 21, 2022 5:00pm PST

Whoever put together the memo about big tech learning financial discipline appears to have left Alphabet CEO Sundar Pichai off the distribution list. That’s assuming reports that YouTube will pay $2.5 billion a year for the NFL’s Sunday Ticket are accurate. Paying top dollar for live sports programming is a great way to burn cash. DirecTV, which... Whoever put together the memo about big tech learning financial discipline appears to have left...

Photo by Getty Images

Europe’s Latest Attacks on Meta and Amazon Make No Sense

By Martin Peers · Dec 20, 2022 5:00pm PST

Whose side are Europe’s antitrust regulators on? Obviously not consumers’. Today’s European Commission settlement with Amazon, which includes provisions that could erode the efficiency of the company’s Prime service, follows in the footsteps of the case the agency outlined against Meta Platforms’ Facebook Marketplace on Monday. In that case,... Whose side are Europe’s antitrust regulators on? Obviously not consumers’. Today’s European...

Photo by Bloomberg

Musk Goes Quiet, SBF Goes Quietly, While Meta Looks to ‘the Future’

By Martin Peers · Dec 19, 2022 5:00pm PST · 1 comment

Photo by Bloomberg

Musk Goes Quiet, SBF Goes Quietly, While Meta Looks to ‘the Future’

By Martin Peers · Dec 19, 2022 5:00pm PST · 1 comment

Oh, to be a fly on the wall in Sam Bankman-Fried’s Bahamas jail cell. According to The New York Times, the founder of the bankrupt FTX crypto firm, now charged with various counts of fraud, is in a prison renowned for its harsh conditions. Bankman-Fried is in the infirmary with five other inmates, The Times reported, so his living conditions may... Oh, to be a fly on the wall in Sam Bankman-Fried’s Bahamas jail cell. According to The New York...

Elon Musk. Photo by Baron Capital. Background generated in DALL E 2.

Why It’s Tough to Assess the True State of Musk’s Twitter

By Martin Peers · Dec 15, 2022 5:00pm PST · 1 comment

Some companies that go private disappear from public view. Not Twitter. It’s hard to think of another corporate takeover whose aftermath has drawn so much media attention, with so many details leaking out. And that has surely complicated Elon Musk’s life by, for instance, scaring away advertisers and possibly making it harder to recruit... Some companies that go private disappear from public view. Not Twitter. It’s hard to think of...

Photos by Bloomberg

Big Tech Stocks Still Aren’t Cheap

By Martin Peers · Dec 14, 2022 5:01pm PST

In times like this, when people in Silicon Valley are gripped by a sense of “panic”—as my colleague Kate Clark wrote today—it’s tempting to think we’ve hit bottom in the yearlong market sell-off. Just as you might think it’s time to sell stocks when your neighbors are giving you stock tips, maybe it’s time to buy when everyone is freaking out.... In times like this, when people in Silicon Valley are gripped by a sense of “panic”—as my ...

Phil Schiller speaks during the opening keynote address at WWDC in 2016. Photo by Getty

When It Comes to Apple, Watch the Fine Print

By Jessica E. Lessin · Dec 13, 2022 5:00pm PST · 1 comment

Pour one out for the Silicon Valley gatekeepers. The mightiest of them all has a little crack in its walls. Bloomberg reported Tuesday that Apple will allow developers to sell their apps to iPhone users without going through the company’s own App Store—and possibly without paying the 30% App Store tax. This was expected because a new... Pour one out for the Silicon Valley gatekeepers. The mightiest of them all has a little crack in...

Photo by Bloomberg

Microsoft’s LSE Cloud Deal Raises Plenty of Questions

By Martin Peers · Dec 12, 2022 5:00pm PST · 4 comments

Photo by Bloomberg

Microsoft’s LSE Cloud Deal Raises Plenty of Questions

By Martin Peers · Dec 12, 2022 5:00pm PST · 4 comments

Note to Microsoft CEO Satya Nadella, cc: Google CEO Sundar Pichai. Your big cloud customer wins are impressive—when you’re not also investing in the customer! Take today’s deal, where Microsoft bought a 4% stake in the London Stock Exchange as part of a deal in which the LSE is committing to spend at least $2.8 billion on Microsoft cloud... Note to Microsoft CEO Satya Nadella, cc: Google CEO Sundar Pichai. Your big cloud customer wins...

Photo by Bloomberg

The FTC is Fighting All the Wrong Fights

By Jessica E. Lessin · Dec 8, 2022 5:00pm PST · 2 comments

The Federal Trade Commission made headlines today, suing to block Microsoft’s $69 billion dollar deal for Activision, which makes some of the most popular videogames in the world. I’m a big fan of federal regulators paying closer attention to tech companies’ hidden power, especially how they use customer data. But the FTC should just let this... The Federal Trade Commission made headlines today, suing to block Microsoft’s $69 billion dollar...

Orlando Bravo. Photo by Bloomberg.

Thoma Bravo’s Fundraising Suggests More Software Buyouts Are Coming

By Martin Peers · Dec 7, 2022 5:00pm PST

If you thought private equity was on a software spending spree this year, just wait until 2023. Thoma Bravo’s announcement today that it had finished raising money for buyout funds with $32.4 billion in capital commitments is a strong sign that more deals are on the way. This year alone, Thoma Bravo has completed the purchase of identity... If you thought private equity was on a software spending spree this year, just wait until 2023. ...

Photo by Bloomberg.

Microsoft’s Growing Bet on Consumer Services Is Risky

By Jessica E. Lessin · Dec 6, 2022 5:00pm PST · 4 comments

Of the many troubles to hit the tech sector over the past year, the identity crises the largest tech giants are dealing with are perhaps the most commonly overlooked.From Meta to Microsoft, companies seem to be looking beyond their core business. That’s in part because investors are antsy for growth. But a bigger factor is because they have made... Of the many troubles to hit the tech sector over the past year, the identity crises the largest...

Stewart Butterfield. Photo by Bloomberg.

Salesforce Stock Drop Focuses Attention on Activist Investor

By Martin Peers · Dec 5, 2022 5:01pm PST

Stewart Butterfield. Photo by Bloomberg.

Salesforce Stock Drop Focuses Attention on Activist Investor

By Martin Peers · Dec 5, 2022 5:01pm PST

The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing Salesforce, nearly 18 months after the company acquired Slack, may be that he was still there! It’s not unusual for founders of multibillion-dollar companies like Slack to exit shortly after their firm is acquired. Even so, coming a few days after... The biggest surprise about today’s news that Slack co-founder Stewart Butterfield is departing...